Bitcoin was pinned near its lowest in more than two months on Friday and headed for its worst week since February, while Dogecoin leapt by a fifth as tweets from Tesla boss Elon Musk sent the two cryptocurrencies on a wild ride.
Bitcoin was pinned near its lowest in more than two months on Friday and headed for its worst week since February, while Dogecoin leapt by a fifth as tweets from Tesla boss Elon Musk sent the two cryptocurrencies on a wild ride. Markets have gyrated to Musk tweets for months since his interest in Dogecoin sparked a hundred-fold rally in the previously ignored token’s value this year, while Tesla’s $1.5 billion (roughly Rs.10,930 crores) Bitcoin purchase helped it break past $50,000 (roughly Rs.36 lakhs) in February. Yet in an equally surprising U-turn he dented the world’s biggest cryptocurrency this week after announcing Tesla stopped accepting Bitcoin in payment owing to environmental concerns, making investors uneasy about Musk’s influence on crypto prices. Bitcoin is down nearly 15 percent this week at $49,804 (roughly Rs.36.5 lakhs). Dogecoin is down about a third since last Friday, having tumbled after Musk referred to it as a « hustle » on Saturday Night Live.
